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20121207
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CNBC
Dec 3, 2012 7:00pm EST
skirmish here between the speaker of the house john boehner and erskine bowls. boehner said this was based on a report that bowles laid out. bawls said no. he said the approach laid out does not represent the simpson-bowles plan or the bowles plan. in fact what bowles is is that the speech that boehner based his proposal on was something that bowles had laid out in the middle of the negotiations last year as the mid-point between two sides but bowles is saying today that the mid-point has changed, a lot has changed since last year and it's up to the negotiators to figure out where that mid-point is and where and if they can get a deal, larry. >> we'll leave erskine bowles to his own devices. this is not perfect. i'm not writing it. it's not perfect. here's boehner literally bending over backwards, rising above partisanship and the white house just slaps him down. slaps him down. don't they know how bad they are starting to look? only on the basis that boehner didn't raise tax rates on the rich but does have a tax concession on deductions. this is getting pretty silly. if the president want
CNBC
Nov 28, 2012 7:00pm EST
with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white house emphasized that marge al rates as a matter of math and politics have to go up somewhat, if not all the way to 31.6 had to go up and as p he said as a necessary ingredient of a deal, he would support such a rate. >> the president said we would pursue our own interests. i'm not -- i'm certainly not insisting, i don't even desire higher rates. i think there lab drag if revenue goes up and rates go up. but i think there will also be a drag on the american economy if our budget deficit widens out forever, if we're irresponsible and governor doesn't work. left with those four choices, think think -- on the flip side, did republicans ask you to spend any nuts -- i think at this point both sides have acknowledged that there's going to be revenue concessions and entertainment concessions. in fact, if you listen to, it again, i'm not a master of the political art here, i'm in washington but i woul
CNBC
Dec 3, 2012 12:00pm EST
john scully joins us in a cnbc exclusive. his take on social media's biggest players, and who could emerge as the next steve jobs. he'll be right here on-set. back in two minutes. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. >>> it's time now for our traders to face off on one of the biggest stock stories of the day. shares of dell having its best day o
CNBC
Dec 4, 2012 1:00pm EST
correspondent, john harwood is live at the white house and eamon javers is talking with key congressional players on those talks. john, first to you. >> reporter: the president talked to our colleagues at bloomberg and talked about the republican offer from speaker boehner on the fiscal cliff resolution. he said it was out of balance because the speaker has not agreed to rate increases but the president identified a two-step process by which he is hoping still to reach an agreement before the end of the year, if he can get republicans to give on the top rate. he said that first of all, we can't do a fundamental tax reform in the next two weeks. we simply have to have a down payment before the end of the year and then commit to tax and entitlement reform during the year of 2013. he also specified, and i think this is significant, that he thought 300 to $400 billion over ten years is about what you could raise by closing loopholes and trimming deductions. this is a -- this is a way to come to grips with how to get to the revenue target the president wants. let's first of all listen to -- we
CNBC
Dec 6, 2012 7:00pm EST
between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern among some in the gop that they are at risk of becoming the party for rich people while president obama and democrats stake their claim on the middle class. and my tax rate flexibility with higher -- here's what the president said earlier today. >> i'm not going to sign any package that somehow prevent prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one and that is good for the american economy. >> we look back republican senator rand paul from the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >
CNBC
Dec 2, 2012 7:30pm EST
of luxury. john paul dejoria's remarkable ride. you went from homeless to a billionaire. the "wall street journal report" begins right now. >> here's a look at what is making news as we head to a new week on wall street. in washington, posturing politics and high-stakes poker with america's economy at stake. president obama's initial offer on the fiscal cliff was resoundingly rejected by republicans. it included a $1.6 trillion tax increase, double what he campaigned on. also included $400 billion in entitlement cuts eliminating the need for congressional approval to a raise the debt ceiling. the markets rebounded later in the week following the latest hopes on a fiscal cliff agreement. america's economy grew at a faster pace than initially expected in the third quarter of the year. the second reading of the gross domestic product showed it at rate of 2.7% spurred by stronger inventories and exports. the securities and exchange commission is looking for a new chairman. mary shapirp schapiro announcin she will step down after nearly four years on the job. the obama administration says it w
CNBC
Nov 29, 2012 3:00pm EST
on what each person said from each party and how that impacted the market, starting with speaker john boehner. here's what he had to say early in the day. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and secondly, no substantive progress has been made in the talks between the house and the house over the last two weeks. >> so republicans accusing democrats of not being serious. what did the democrats have to say? well, listen to harry reid. >> republicans know where we stand. we've said it, we've said it, we've said it so many times. the president said the same thing. it's been weeks, at least two weeks, since we met at the white house. we're still waiting for a serious offer from the republicans. >> so neither the democrats nor the republicans are serious according to the democrats and the republicans. what's really going on here, guys? i think we should put it into serious context. the negotiation. both sides want more concessions from the other side than they're seeing right now. that's why yo
CNBC
Dec 5, 2012 1:00pm EST
washington john harwood and the president is meeting with another grouch ceos, i need to start with eamon javers on capitol hill where lawmakers are skipping down early for a long weekend. eamon, wasn't thanksgiving just a couple weeks ago? >> it was. let me check michael ichaey cal. you see rank and file members of congress leaving the capitol. they are done for the week. they're headed back loam to their hometown districts. a lot of folks focused on this negotiation right now but the reality is that the negotiations are taking place among just a very few, very high level people. i was talking to a few rank and file members yesterday who said they were frustrated there is not a whole lot for them to do, they are just sitting around here waiting for some break-through in these negotiations. they want something to do on the floor, in their offices and there is not much for them to sink their teeth into. now they're going into their district. leadership is going to stay here and continue these negotiations. speaking of wasting, speaker of the house john boehner came out earlier today to say
CNBC
Nov 30, 2012 1:00pm EST
john boehner, who came out just a few minutes after the president spoke. he talked here on capitol hill a little bit about the stalemate that he sees these talks being at this point. sort of a glum take here from the speaker of the house. obviously he's saying that these negotiations not broken down. they continue to talk but a stalemate is the way he characterizeded that. so tyler, not great news here on capitol hill, but there's another week next week. we'll get another crack at this thing. >> eamon, thanks very much. where do we stand? are we any closer to a deal? we thought we'd give you our little guide with the daily spin on our "rise above" deal meter. as you can see, after today's dueling conferences, not so much. sort of a no deal. closer to the red side. we do still have some time, of course. >>> bob pisani, how are traders down here investing -- reacting to mr. obama and mr. boehner? >> it depends on what the headlines are. so the president said the clear majority voted for a balanced approach. but there's a lot of debate about what that means. representative boehner i though
CNBC
Dec 3, 2012 1:00pm EST
washington correspondent john harwood is here with the very latest on the negotiations, such as there are negotiations, job. >> reporter: tyler, people say it is sometimes darkest just before the dawn -- unless it is just before it goes pitch black. it is sometimes hard to tell the difference between a process that's proceeding behind the scenes and one that really is what you see is what you get. i just stepped out of jay carney's white house briefing. he was drawing again a hard line on raising tax rates for people at the top which republicans are resisting. if you want the sunday talk shows, as we show in this little montage here, you could easily come to the conclusion that this thing is stuck. >> only thing standing in the way of that would be refusal by republicans to accept that rates are going to have to go up on the wealthiest americans. i don't really see them doing that. >> i think we're going over the cliff. >> right now i would say we're nowhere. >> reporter: but i still think, tyler, that there are back-channel negotiations going on. there is the framework
CNBC
Dec 6, 2012 1:00pm EST
it will give a little bit of that made in america pride to an industry that has never seen it before. >> john, think apple is saying they're taking the lead in bringing jobs back to america and manufacturing here in america. but lenovo has done that already. i venture they'd make the claim that apple is following them. what do you think? >> that's a fair point. i think what it comes down to really is that this is apple. this is the biggest american technology brand, the -- one of the world'sst and the volumes are likely to get bigger over time. >> jon? you want to follow on that? >> sure. i'd point out near apple for lenovo has done this yet. they've also promised to bring manufacturing to a north carolina facility, both laptops and desktops in 2013. apple saying they're going to do that in 2013. google has been doing this with a tv streaming box that they brought out earlier this year. that isn't working out so well for them but google is also trying to do this. this isn't just a apple thing. a number of companies trying to do some manufacturing here. apple last quarter made about 50 million
CNBC
Dec 5, 2012 4:00am EST
speaker john boehner dealing with division in the gop's ranks to his budget plan. we've got a shanghai surprise. china's mainland markets up over nearly 3% after beijing's new leaders called for economic stability and new business growth. and it looks like more austerity for britain. george osborne getting ready to release his autumn statement. >>> nokia shares a little bit high today. they are teaming up with china mobile, giving access to the world's biggest mobile phone markets. >>> if you just got up, very warm welcome to the start of your global trading day. stocks are on the front foot this morning. this is where we stand with u.s. futures. currently called up around about 30 points higher. the dow down, what, 13 points? the nasdaq called up just under 40 points. the s&p 500 at the moment is called up just over three points. it was down two points yesterday. european stocks doing a little built better. they were as flat as a pancake, as i've been saying. as flat as my pancakes. we have just come down from higher levels. the ibex up .2 of a percent. overnight we saw china leadersh
CNBC
Dec 4, 2012 7:00pm EST
into a civil war. did president obama disspeaker john boehner in a comment today. >> on the conservative side of the republican party today. with senator demint speaking on the idea that $800 billion of tax increases were offered. but he got the backing of mitch mcconnel. take a listen to what he had to say. >> i think it sis important tha the house leadership is trying to mov move it forward. i had hoped that we would be accomplishing more in the real talks. but i can tell you, there is nothing going on privately that is not going on publicly. even as he has to deal with this rebellion. he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and
CNBC
Nov 30, 2012 7:00pm EST
irresponsible. for all this and more joining us now is katie pavlich. what speaker john boehner has always said, a dollar tax increase, a dollar spending cuts. >> president obama who jay carney represents during his daily press briefings at the white house wants an unlimited debt limit. he wants no debt ceiling on the amount of money that he can spend. so jay carney is taking shots at john boehner who has said look it's not a serious discussion about how we're going to solve the fiscal problem unless of course we match spending cuts to the number of dollars we increase in the debt limit. >> do you think that could pass congress in all seriousness? no more debt limit? no more power of the purse strings? >> no. >> that's insane. i think it's in the constitution. >> yes. and although president obama this because he got re-elected has he had has a mandate to do whatever he waumpbts, he forgets that the house republicans were also re-elected to kind of hold the line on spending. so no, i don't believe that would make it through congress. >> what about this utterance by the president today? instead o
CNBC
Dec 4, 2012 4:00pm EST
that happened today. john boehner, the speaker of the house, sent a message that a deal was in the works. he threw several house members off of key committees when they criticized him openly for looking like he was ready to make some deal on taxes with president obama. that's a sign to me that he's going to clear the decks to try to push through a deal. it's a sign that we're going get some kind of tax increases for the top 2%. i don't know where those numbers are going to be. pretty clear to me that a deal is in the works and we're heading in that direction. what i'm not sure of is whether the market will go up on this, necessarily. >> in terms of that january effect, bob, does that even matter this year? >> yes, look, it's not long from anybody, january and february are the best months of the year. that's a factor. >> let me ask you about putting money to work, keith springer. you say we're going to get a deal regardless. we may get a deal regardless, but that deal means probably higher taxes and lower spending. what are the areas in the economy in your view that get impacted most by a dea
CNBC
Dec 5, 2012 6:00pm EST
listen. what were they looking at versus what i was looking at. they were looking at john carter, i was looking at the new bond movie. one after another, they were all down beat. is the expansion too rapid? whether demand for expensive coffee is there. i was waiting for a guy to say, listen, that triple cappuccino it stinks. if i were howard, i would tell them to take a hike. they were too negative versus what the company's up to. opportunity. starbucks was actually down. one time -- i have the apple ipad, you know, thing i'm like, wow, it's under 50. i mean, wow. terrific opportunity. ipad, i mentioned it, surprised one didn't come down and hit me over the head and knock me out. apple. if we're going off the fiscal cliff, we know capital gains tax rates are going higher, right? right? that's obvious. do you think the republicans have the power to keep those capital gains rates down? apple's become a referendum on the president's power. right now he has the upper hand, then he can really roll them and intends to do so. it's reasonable to take some profits so you can pay the tax man
CNBC
Nov 28, 2012 11:00pm EST
it's just a speculation. john in florida. >> caller: jim, big booya to you from lake ashland, florida. >> man are you lucky throb. it's so miserable here. what's up? >> caller: baidu. >> no, no, i can't own individual. a loss there represents a value. john in florida. >> caller: hi, jim. i just want to mention i don't know if anyone ever told you but you remember billy joel, not lennon like you showed that portrait last week. >> billy joel was quite a hero in the concert for sandy. he looked great and he sounded great. >> if i don't like billy joel, i'm done. >> caller: what's your opinion on plcn, polycom? >> we don't want to be in anything i regard as video and voice because you'll be competing against the giant that is cisco! >> glen in illinois, please. again? >> caller: i'd like to thank you on your excellent insight into jobs in general. >> my stock has been up at past eight trading days and i was wondering if this was any case the stocks were to pop. cldx is the prop. don't know why it's up. got to come back. sorry. could be a could good expectation. >> all my florida calls are
CNBC
Dec 5, 2012 9:00am EST
is about to speak in front of the business roundtable. good morning, john. >> good morning, carl. he's talking to the business roundtable. you can expect him to highlight one aspect of the discussions, that the business roundtable has championed. john edge her, who heads the roundtable has suggested a five-years fix to the debt ceiling issue. you know, we have these periodic debt limit fights in washington, one in 2011 caused a downgrade in u.s. credit and created a real catastrophe politically for the republican party, for president obama as well, and so jo engler has talked about a resolution that would last for five years. the republicans don't want to go along with it. the administration has proposed a permanent fix. don't expect the administration to get that in the end, but at least it gives them something to talk about with this pro-business group, carl. >> the republicans spoke just a minute ago, john boehner saying his fellow republicans do in fact, as we watch the president work the room ahead of his remarks, they do back his opposition to raising rates outright. this chatt
CNBC
Dec 6, 2012 3:00pm EST
-virus software pioneer john mcafee has finally been caught, but you will not believe where he was found and how he was actually located. we have details on this bizarre story that gets more bizarre all the time. coming up. [ male announcer ] when a major hospital wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. [ yawning sound ] >>> welcome back. check out zynga. the shareholders getting good news today after a tough year. the stock rallying after the company filed for gaming license in nevada. julia boorstin with the story on this big bet. over to you. >> investors are clearly relieved to see zynga is trying to make money from online gambling. getting a game license in nevada is a key first step. but a much bigger hurdle is the fact that online gambling is illegal in the u.s. zynga could be sitting on a gold mine if even a few percent of its monthly poker players gamble. e
CNBC
Dec 6, 2012 6:00am EST
. >> ended up 85 for the day. >> i guess the demise of john boehner as speaker was greatly exaggerated. did you see this "new york times" piece? more support for boehner now than anytime in his speaker ship. is that's setting up for -- >> but it is social media and twitter allows to you see these things. >> sausage factory into the front of the kitchen. >> exactly. >> geithner didn't use the word marginal rates had to go up, just said rates. >> rates are already going up. there will be a tax increase to people making more than 250 anyway because of the health care law. so the idea that somehow they will get a freebie is just crazy. >> california at 52%, new york and other places -- >> when you add up all the state and local taxes. hawaii is above 50, as well. >> hawaii is worth it, though. >> california is not bad either. >> unless you need to drive somewhere. right? and don't have a helicopter. >> there's a reason the president takes a helicopter anywhere. you can't drive in d.c. sdl those a >> boston in the city can get like that. last night i was thinking in my mother was still alive, ci
CNBC
Nov 29, 2012 12:00pm EST
to the trading action today. in front of me mike murphy, john najarian, joe terranova, josh brown. more of the same, doc. markets up on what seems to be a pretty good day. >> the more they zip it, the more we go up. as soon as they talk, we go down. it's not democrat or republican. doesn't matter if it's harry reid or if it's boehner. when they came out -- or when boehner came out and we're about to get reid as well. when boehner came out and said it's not balanced, we don't have cuts on the table, the white house is not trying, i said yesterday that this increases the gamma, the rate of change of delta. that's what gamma is. it goes up. we're seeing larger and larger risk built into this based on how long these negotiations take. if they drag it out and they don't get substantive issues on the table like cuts as well as taxes, then we're going to be closer to the cliff. that's why all these special dividends. that's why costco borrowed $3 billion to pay that $7 special, judge. that's not a good sign. >> josh, yesterday the dow was up 100 then down 100 -- or down 100 then up 100, whatev
CNBC
Nov 29, 2012 4:00pm EST
reid digging in his heels, referring to house speaker john boehner when asked about the republican's position that the ball is in the democrat's court. he said he doesn't understand his brain. we'll hear what reid's nevada constituents think about the job he's doing. >>> also, could our debt mean the death of the dollar bill? i don't mean the value of the dollar. i mean the actual dollar bill. it may be on the endangered species list. stay with us. back in a moment. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> welcome back. chevron ceo john watson telling me exclusively today that the second largest u.s. energy company is moving forward on investments despite fiscal cliff concerns. we begin on our conversation, zeroing
CNBC
Nov 30, 2012 12:00pm EST
house speaker john boehner getting ready to address the fiscal cliff yet again. and yesterday as you might recall when he spoke the markets did move. stay tuned. ahead on halftime, from a luxury retailer to a dollar store we're trading the biggest movers midday and gaming the fiscal cliff. which companies are doelg out new dividends now? which are next? we'll be right back. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. which isn't rocket science. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who ge
CNBC
Dec 1, 2012 4:00am EST
a believer in steve wynn. how about john in california? john? >> booyah, jim. my question is double down on barnes & noble right now? >> no. i went over that with a fine tooth comb. a lot of people didn't like the book basis. a lot of people didn't like the nook business. unfortunately those guys i love them they are a temple of secular learning. you can't own the stock. illinois, charlie. >> caller: boo ya, jim, from central illinois. >> heartland. what's going on there? >> caller: well, i wanted to thank you for your excellent presentations scaling in and out of stock transactions. last friday it was very good. i'm interested in scaling into rentech nitrogen. rnf. >> with that good yield i think you're taking the appropriate action. i do want to scale into it. i think it's very attractive here. kevin in north carolina. kevin? >> caller: yes, jim, a big boo ya to you. calling in about applied materials. >> oh, boy. all right, mr. tar heel. that's got a 3.5% yield. it's the only reason i would want the stock. sell! sell! sell! sell it because i don't think it's got anything cooking. laur
CNBC
Dec 3, 2012 4:00pm EST
and the president takes to twiter. chief washington correspondent john harwood would details on both. >> reporter: i think this is a step in the right direction in terms of progress toward a deal. the house republicans a few days after treasury secretary geithner went to capitol hill, laid out a plan and challenges republicans to come up with one. i think it shows a willingness to engage in talks with the white house. first of all they only call for $800 billion in revenue, half of what the white house wants. they exclude tax rates from that. they do have some specifics on entitlements which include raising medicare age of eligibility from 65 to 67, something talked about in the grand bargain talks over a year ago. they talk about moving to a different inflation adjustment for social security and other government programs. they also talk about reform of medicare to include private sector competition with a traditional fee for service medicare plan. all of those are things that are within the zone of discussion that both -- between the two of the parties. now, president obama went on twitter this aft
CNBC
Dec 5, 2012 6:00am EST
resources announcing the results of its second silver project, this one in mexico. the company ceo john smith joins us from vancouver this morning. john, why don't you tell us a little bit about what you found in mexico. >> good morning to you, becky. a large project here, will be producing about 50 million ounces of silver over 18 years and has a life well in excess of 20 years. so large project. going to be a base load supplier for us as a business. and compliments nicely the mine that we have in argentina. so very strong corner stone project for us, real happy to have it. >> also i think one of the advantages from what i've read about this is that it's at a lower altitude than other silver mines so it's a little easier to access? >> that's right. a lot of silver mines are higher up. this one is lower. it's accessible. so really from a point of view of access, build and production, it's in a great location for us. >> we've seen a lot of interesting moves, if you want to call them interesting, over the last four years or so. silver has done very well. why do you think that is? >> i thi
CNBC
Dec 5, 2012 7:00pm EST
. speaker of the house john boehner said today that he is still waiting for a counterproposal now from the president of the united states. and we learned late this afternoon that in fact speaker boehner and president obama had a phone call today. we don't know, however, what was said in that call. but reports are that some progress is being made in these negotiations. at least conversations continuing behind the scenes between the top leaders, larry. >> all right. a phone call. that's pretty good progress. many thanks. so let's just ask a couple questions here. does president obama have the whip hand in all these negotiations, and are the republicans about to be blamed big-time for falling off their own fiscal cliff? joining me now is ace pollster scott rasmussen. i just did a little tv gig with scott, who's in about 60 cities across the country. all right, scott. you heard timothy geithner. he said if they don't raise taxes on the rich, they were going to go over the fiscal cliff. but at the end of the day, if we do fall over the fiscal cliff, if taxes go december 31st, will the repub
CNBC
Dec 6, 2012 4:00pm EST
negotiations. john harwood with the details. over to you, john. >> maria, just wanted to bring you up to date on a development, which is the resumption of some staff level discussions between the congress, the speaker's office in particular, and the white house. we've been through a period where both sides, the principa s principals, the speaker and president have been striking tough lines in public, having made some initial moves towards cooperation, but word followed up no more meetings scheduled between the principals. wasn't that much going on staff to staff. that's changed today from yesterday. to you have some discussions resumed. i don't want to overplay the significance, but it is an encouraging sign for people who think that the ice had been beginning to crack around some of the positions, especially with the republicans on taxes. we may be looking for some forward movement. got to watch over the next day or so. >> this is good news, john. >> it is good news. it is an indication that we may be intensifying discussions that could lead to a deal. don't know how quickly that could happe
CNBC
Nov 29, 2012 7:00pm EST
from mortgages, which nobody is making anyway. i think this is insanity. i know john hilsenrath is a great reporter. i think the problem is -- many thanks, lee, for helping us out. >>> here's a thought experiment. what if i told you there would be no fiscal cliff recession? what if you believe me? how would you invest? well, we're going to give stephanie that challenge. she's director of research of "the street" and co-portfolio manager of jim crepers's charitable truth. an old friend. i'm here to say obama is bluffing, there's not going to be a fiscal cliff, they will do something to stop the taxes from expiring. he doesn't want to be herbert hoover obama. i'm putting that on the table. if you take that off the table, you look at the economy, profits, the stuff, there's no lending going on, what is your outlook for the stock market? ivities i think we would be higher if we didn't have this issue. we have low interest rates, not only here, but globally the monetary policy will stay easy. whether you like it or not, it's going to stay easy for a long time. >> i would argue that i
CNBC
Nov 30, 2012 6:00am EST
television. >> we are talking about the fiscal cliff. john harwood just got back from senate republican mitch mcconnell's home state of kentucky. here he is. >> in the senate the challenge is bring together red states and blue states. mitch mcconnell's kentucky is horse country. states represented by top congressional leaders, the reddest of all. among the top leaders of congress involved in fiscal cliff negotiations, the one facing the most home state pressure may be senate republican leader mitch mcconnell. he faces re-election in kentucky and a state where the tea party movement is alive and well. president obama may have won this election but would years ago, leaders of the tea party movement elected ron paul's son, rand, as kentucky senator over an establishment republican. one leader of that movement who runs a high-end audio equipment business says they could do the same thing in 2014 and this time take out mitch mcconnell if he agrees to raise taxes. >> we should not raise taxes in this country. we do not have a receive knew problem. i would like senator mcconnell to recognize that th
CNBC
Dec 3, 2012 5:00pm EST
speaker john boehner put out his counteroffer and said he was -- here is bowles saying he doesn't want his name on john boehner's proposal. the approach does not represent the simpson-bowles plan. i took the mid point of the public offers to demonstrate where i thought a deal could be reached at that time and says times have changed since then and it is up to negotiators to find out where the mid point is today. it is no longer operative apparently. >>> getting back to potential cliffedend. you saw a big bet on microsoft today. >> great news for dell and should be good news for microsoft. we saw somebody buy 3,000 of the jan 28 calls. means the break even is about 28.31. they think the stock will get back to the 29 to 33 range where it has been. >> it is time to visit jane for the look of what is up next. >> guys, they estimate $1 billion worth of goods move through every day but right now we have a whole lot of nothing going on. they are negotiating in a building over there they don't want us to show you. we will have the latest after the break. [ male announcer ] the markets keep moving.
CNBC
Dec 4, 2012 5:00pm EST
%. the advantage plus fund managed by john paulson is facing a tough year. the top performer. let's bring in anthony from sky bridge who joins us on the fast line from brazil. it is always great to speak with you. >> hi, melissa. i'm learning portuguese is different from spanish. on the question of hedge fund redemptions we think they are over. the blow up redemptions the people that are worried about taxes going up next year they seem to have passed, as well. the long exposure has gone down from say plus 50% net long to down about 30. that is primarily because people are worried about the fiscal cliff. we don't think that the outcome is completely negatively priced into the market. that is more or less where we stand on that. i do think that there is a couple of great trends for next year which includes europe with the recovery there as it relates to corporate restructuring and banks selling assets. and we also think that there will be funds like john paulson's recovery fund to do well. >> as we head into the end of the year, is there no chase per performance? is there no pressure on the
CNBC
Nov 29, 2012 9:00am EST
harry reid's office over to the speaker of house's office and meet with john boehner. and interestingly enough, he's going to meet with paul ryan. where that goes is also anybody's guess, but before that meeting, the speaker's office telling us they accepted the meeting only on the condition that the white house bring up some specific spending cuts and get serious about spending, i talked to senator lindsay gram, a republican, just before geithner walked into the building. he said he doesn't think there's that much asphalt on the road for reins to talk about tax increases at this point, he want f s to see some specific offers from the democrats. >> we'll be coming back to you not too long from now. >>> now to a big earnings mover in the luxury retail sales. brian, i read through your note that you issued this morning. you said still weak but not dismal. same store sales up 1%. inventories climbed 11%. this is not dismal, they are cutting the third year. >> as i look through the results today and there's no question on the face of them, they look really bad. tiffany did earnings per shar
CNBC
Dec 3, 2012 4:00am EST
'll eventually yield on raising tax rates on the wealthy, but john boehner is standing firm against those high taxes. >> we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. >> why does it make sense for the country to force tax increases on all americans because a small group of governors want to extend tax rates for 2% of americans. no reason why that should happen. >> geithner says republicans will be responsible if no budget deal is reached by the end of the month. boehner says the fight has only begun and he's interested in cutting a deal and not sounding a fiscal alarm. we'll be talking about how the two sides might be able to break the deadlock with a did democratic strategist in the next half hour or so. now, singapore airlines has confirmed it's in talks with interested parties to try to divest its 49% stake in the british airline virgin atlantic. didn't say who the party was, but reporting suggest it could be the u.s. carrier delta air lines. it's been look to go acquire the
CNBC
Dec 6, 2012 4:00am EST
. australia, investors shrugged off strong jobs data. sensex gained 0.6% today. >> john boehner and president obama speaking by phone, but no announcement of any upcoming face to face budget talks. earlier the president told the business round table that a deal to avoid the fiscal cliff could be reached quickly if republicans drop their opposition to raising tax rates on the wealthy. and in an interview on cnbc, timothy geithner says the gop is making a little bit of practice, but the white house is absolutely ready to go over the cliff if tax rates on the top 2% don't rise. >> our obligation is first do no harl. we need to lift that threat over the economy. and now as part of that, we'd like to put in place as i said a carefully designed mix of reforms to put our fiscal balance in the path of sustainability. as long as there is recognition by the other side that those rates will go up, we think we can reach an agreement on the set of reforms as i said that will be good for the economy. >> republicans were quick to hit back. orrin hatch called them stunning and irresponsible, but there may be
CNBC
Nov 29, 2012 1:00pm EST
for republicans? is that what he laid down on the table for speaker john boehner today? reid told me -- no, there was no specific offer here today from geithner to the republican side. he said that the president of the united states made the democrats' over two weeks ago and there's been no new specific offer since then. i think that explains a little bit of why we saw this reaction from speaker john boehner a little while after he met with geithner. take a listen to how boehner described today's events. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and secondly, no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> sue, on a lighter note, it looks like there are negotiations going on up here. i just saw a plate of lunch being brought in to the room where we believe that secretary geithner is sitting right now. we're also seeing some of the aides go in and out of that room as well. so clearly deals are being crafted here. i saw rob nabors,
CNBC
Dec 3, 2012 6:00am EST
view what makes sense for the country. >> meantime john boehner says that his party has a plan and he has already offered dozens of alternatives. >> you can cap deductions at a percent of income, that would be one way to get there. could you eliminate certain deductions for those wealthiest in our country. >> joining us on the topic is david walker. he's on his way here right now. >> and in global market news, a lot of talk about china this morning. a final reading of hsbc's manufacturing purchasing manager's survey for china rising in november, first time above the key 50 mark which indicates expanding rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the q
CNBC
Dec 4, 2012 9:00am EST
the cliff. chi chief washington correspondent john harwood is outside of the white house this morning. how do business leaders change the equation? >> reporter: the president is trying to orchestrate a consensus behind his approach to deficit reduction. this is a group part of the national governors association executive committee. a diverse group. he carried three states he represents and governors include scott walker, leader of conservative government reform movement going after public employee pensions and shrink government obligations that way. governors are pragmatic. the president is trying to make the case if you look at polls and revenue needs of the government and ageing of our population, the pragmatic thing to do is trim entitlements. the significance of speaker boehner's offer yesterday he put specifics on entitlements on the table. they are significant raising the medicare eligibility age from 65 to 67. and enacting a reduced inflation formula for social security benefits and other government programs. those are real tangible offers on entitlements that mean that even though
CNBC
Dec 4, 2012 12:00pm EST
that i think the white house is having legitimate problems with in this new offer from john boehner is the lack of specificity. tony and i argued this a lot. he makes a great point. do we have to argue about rates versus base? is we can talk about base. and at this point republicans have done the same thing mitt romney was doing. $800 billion in new revenues from unspecified chose urs. the time for that is past. i'm glad they're coming with a counteroffer. they have to put specifics on the table. >> tony, under any circumstances, as you sit here right now, are republicans going to agree to let tax rates increa increase? >> look, i find that almost impossible for republicans to do, at least before december 31. i think everyone understands that it is the single thing that the president wants more than anything else. you can sack rifice just about anything to get the top two rates. so i don't see republicans getting on that issue. i think what you are seeing, and i do give credit to speaker boehner for rising above, bring in the proposal yesterday and getting the full republican leader
CNBC
Dec 4, 2012 3:00pm EST
about that. he owns his own firm and says he would never borrow money just to give it away. john burns says all this is just one more sign the corporate tax environment is not working. michael, this is obviously a case of borrowing from peter to pay paul, which you call crazy, right? >> well, when the federal reserve takes interest rates to ridiculously low levels, people do dumb things. they borrow money to buy nasdaq stocks. they borrow money to flip houses. sometimes they borrow money, corporations do, just to send it out the back door. they don't use it to create capital goods or to raise the revenue and earnings. they just send it out the back door, and they leverage up their balance sheet. i want to put to you on notice that corporations vin creased their debt by over $1 trillion since december of 2007. horribly inefficient way to grow an economy. >> it's interesting you say that. i feel like one day we're going to back and say, remember whe could borrow at 3% to buy a house. if companies have to borrow the money to pay a dividend, why issue a dividend? >> well, i think we forgot
CNBC
Dec 4, 2012 9:00pm EST
with apple president john sculley over who should lead the company. the board chose sculley. so he was out of his own company. >> kicked out of his own company, and, you know, he always had that feeling of abandonment. there was nothing worse than being abandoned by apple. >> he sold his stock and used the company to start a new venture called next computer, which made great products that no one bought. but jobs would be saved by a tiny company that he acquired from george lucas for $5 million. pixar studios would eventually revolutionize movie animation and make jobs a multibillionaire. apple hadn't done so well, and a decade after jobs left, it decided to buy next computer and the services of jobs as a consultant, but he would soon take over as ceo. and when he goes back, it's almost bankrupt. >> it's, like, 90 days away from bankruptcy. they're totally out of money, and it's lost its way totally. so he says, "here's the 27, 30 things you're making," printers or whatever. and he draws a chart that just has four squares, and he says, "professional, home consumer. laptop, desktop. we're go
CNBC
Dec 5, 2012 4:00pm EST
washington correspondent john harwood watching this event closely. john. >> reporter: i think what we saw in that interview that steve had was further confirmation of the fundamental outlines in the administration's strategy. one, rates have to go up. they're trying to break republicans on the issues of rates. although, they're not insisting that rates go all the way up to 39.6. you could see something in between. the second thing is they're taking a very hard line on the debt limit. the president said in remarks today to the business round table he has some cover from business on that because they don't want to see that limit that could be damaging to the u.s. credit raiting. the combination of those two things are the fundamental levers the administration is going to try to use to force republicans to compromise. then the compromising from the administration will come on the issues of entitlements, medicare, social security is, and medicaid. >> all right, jauohn. thank you so much. let's keep the focus in washington and get reaction. republican senator jeff sessions with me. he was list
CNBC
Dec 6, 2012 12:00pm EST
, john, can't overstate the sell-off, it's been surprising to many, traders have been surprised. joe terranova you made a deft move and told us you sold 25% of the position that you took on the day you called apple a generational buy. >> and a lot of the reasoning behind shaving the position had nothing to do with the fundamentals of apple. it had more to do with the frustrations of i think the market is feeling with the fiscal cliff. it is a proxy for the market. i said to stephanie before i thought jim cramer made a compelling argument and explanation on exactly what is going on with apple. i don't think it has anything to do with the fundamentals of apple. it is an economic issue, between financial advisers, accountants. >> you think this is end of year selling, nothing more than that? >> i do. i really do. >> you called it the last time it fell. >> yes. >> somewhat precipitously, you bought it calling it a generational buy. are you buying apple on these pullbacks, had the worst three-day performance since 2008. >> and the one thing and i know you respect this about all of us here
CNBC
Nov 29, 2012 6:00am EST
:00 and then followed by a session with john boehner, eric cantor, paul ryan and chairman of the house's tax writing ways and means committee dave camp. also lunch with republican senate minority leader mitch mcconnell and nancy pelosi. yesterday a number of high profile corporate leaders met with president obama at the white house, including lloyd blankfein. >> both sides have acknowledge there had is revenue concessions and entitlement concessions. in fact if you listen to it, again, i'm not a master of the political art here, but i would say if you have these point of views in a business context, i would say a deal would be in reach. >> among our guests this morning, we have ron johnson. at the white house today, president obama will host mitt romney for a private lunch. it's their first meeting since the election. and this his victory speech, obama promised to engage with romney and consider his ideas. >> a lot of people didn't think the lunch would ever happen. >> interesting if he's going to be talking about ideas, mitt romney's idea had been to reach some sort of a cap on it 00 mem deductions
CNBC
Nov 29, 2012 4:00am EST
at 10:00 a.m. and then with house republicans including speaker john boehner, eric cantor and paul ryan. geithner will lunch with mitch mcconnell and then house minority leader nancy pelosi. president obama is signaling he's flexible on on where tax rates should go for the wealthiest americans. a return to the clinton era tax rates would have households pay between 36% to 39%. the president met with a group of 14 ceos wednesday afternoon. they offered support for resolving the if i can crisis with a proposal for higher taxes for those who make more than a quarter million dollars a year. sdl bo >> both sides have acknowledged that there will be revenue concessions and sbilgtment cent concessio concessions. i'm not a master of the political art here, but i would say if you have these point of views in a business context as close as they are, i would say a deal would be in reach. >> ford chairman bill ford junior agrees with blankfein saying he's confident the obama administration can reach a deal with congress to avoid the fiscal cliff. but speaking with reporters in bangkok, he says the
CNBC
Nov 29, 2012 6:00pm EST
think it's an okay buy. john in oregon, please. >> caller: boo-yah, jimmy, how are you? >> boo-yah back at you. >> caller: residential 4078 builders, i bought in about six or eight months ago, i have about four of them right now. it seems like the market as flattened out as far as they're concerned. should i hang onto them or ring the bell? i was talking with the research director, a frequent contributor to "fast money." we both felt the say way, this is a pullback, a pullback in time. i want you holding on to them. i think they'll have a very good 2013. i would rather consolidate, mutual fund housing, but the group, the sector is a good one, and the h.e.x. is an etf that's also -- just so we know, that one is coming back very strongly yesterday. chad in florida, please. >> caller: hey, jim, a boo-yah from orlando. >> man, i wish i were in orlando. i wish it was warm. what's up? >> caller: i have a question on north start realty finance. it looks lie this got up graded today. could it be a way to play a comeback? >> we look at this one, this is a very, very good company. they're a real
CNBC
Dec 6, 2012 9:00am EST
to a story we have been following for a while now. guatemala police arrested john mcafee last night for entering the country illegally. >> john mcafee thought he had finally made it to safety when he reached the shores of guatemala this week, but his troubles it turns out are just beginning. mcafee, the gun toting software tycoon, is on the run after the murder of his american neighbor in belize. police are seeking mcafee for murder. he says he has nothing to do with the murder. after hiding for three weeks, he fled to guatemala and is now seeking political asylum. he thought that guatemala would be safe, he hired -- it turns out the plan was foiled last night when guatemalan police arrested him for illegally entering the country, if he gets asylum he can stay, but i'm told this is not likely, what is more likely is that he will be escorted by police back to belize, once at the border, he could be picked up by belize police and detained. what happens after that is anyone's guess. he could be charged in belize or if mcafee can be believed, he would disappear. i find it difficult that
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